Business Services Industry

Wheeling-Pittsburgh Steel, Union Reach Tentative Contract Agreement.

Knight Ridder/Tribune Business News, June, 2003

Pittsburgh Post-Gazette Knight Ridder/Tribune Business News

Jun. 27--The United Steelworkers union yesterday reached tentative agreement on the terms of a new contract with Wheeling-Pittsburgh Steel Corp. -- a key re...uirement for the troubled steelmaker to emerge from bankruptcy court protection with a federally guaranteed loan.

If approved, the new contract would go far to clear a remaining roadblock to a $250 million loan that was conditionally approved in March by the Emergency Steel Loan Guarantee Board -- a dispute with the federal Pension Benefit Guaranty Corp. over the fate of Wheeling-Pitt's underfunded pension plan.

The PBGC, which insured pension benefits, moved to terminate the defined benefit pension programs of...

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